Our History

Overview

Established in 1971 under Royal Decree No. M/24, the Fund initially helped establish companies of foundational importance to the Saudi economy, including many "national champions."

PIF was "reborn" in March 2015, when the Kingdom’s Council of Ministers issued Resolution 270, which placed the Fund under the direction of the newly formed Council of Economic and Development Affairs (CEDA), with the Crown Prince, HRH Mohammed bin Salman bin Abdulaziz as chairman. This major step gave PIF greater autonomy and better-defined national strategic responsibilities.

This change enabled Saudi Arabia’s economy to progress at an accelerated pace, and positioned PIF to be a key driver for Vision 2030, achieving positive, sustainable economic and social change.